ETF日报：证券和金融板块具备战略性配置价值，关注证券ETF和金融ETF

Market Performance - The A-share market showed strength in the afternoon, with the Shanghai Composite Index rising by 1.19% to 3870.28 points, the Shenzhen Component Index up by 2.40%, and the ChiNext Index increasing by 3.39% [1][12] - The total trading volume for the day reached 1.83 trillion yuan, compared to 1.75 trillion yuan the previous day [1][12] - High-volatility sectors such as telecommunications, AI in the ChiNext, and non-ferrous metals performed well, while sectors like aquaculture, coal, and dividend stocks lagged [1][12] ETF Trading - The trading volume of the top five CSI A500 ETFs reached 452.91 billion yuan, significantly higher than the 80.8 billion yuan for the top four CSI 300 ETFs [1][12] - The total trading volume for all CSI A500 ETFs was 525.75 billion yuan, three times that of the CSI 300 ETFs, which totaled 169.5 billion yuan [1][12] Future Outlook - The market is expected to experience fluctuations as it prepares for a potential spring rally, supported by global liquidity easing and positive domestic macro policy statements [1][12] - Investors are encouraged to consider broad-based products like the CSI A500 ETF (159338) and adopt a "technology + dividend" allocation strategy [1][12] Securities Industry Developments - The securities industry is undergoing significant restructuring, with several brokerages completing mergers, including Guolian + Minsheng and Guotai Junan + Haitong [4][15] - Regulatory support for the industry includes expanding capital space and leverage limits for securities firms, shifting from price competition to value competition [4][15] - The overall valuation of the securities sector remains low, with institutional funds under-allocated, presenting strategic investment opportunities [4][15] Non-Ferrous Metals Sector - The non-ferrous metals sector, particularly lithium and tungsten, has shown strong performance, with the mining ETF rising by 3.28% and the non-ferrous 60 ETF by 3.27% [5][16] - Recent regulatory actions in Yichun, a major lithium production area, could tighten supply and support domestic lithium carbonate prices [5][16] - Tungsten prices have surged to 420,000 yuan per ton, a 193.71% increase since the beginning of the year, driven by supply constraints and rising demand [6][17] Bond Market Insights - The bond market saw a slight rebound, with the 10-year government bond ETF rising by 0.11% and the 30-year futures up by 0.63% [8][19] - The performance of long-term bonds has been under pressure, with a nearly 4% decline since November, indicating a challenging environment for the bond market [8][19]